Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols.

This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to provide current information about developments in U.S. tax law, such as cases, ruling, IRS pronouncements and expert comments on hot topics. Trending in this edition:

  • Terms of settlement require reporting malpractice award as ordinary income
  • Let’s look at the Morrissette split-dollar decision one more time ? ! ? !
  • Church fails its W-2 reporting and payroll tax remittance obligations. Does the tax law matter ? ? ?
  • Tax Notes Today reports same canned speech by “IRS Executive” on Self-Employment tax liability of LLC member……subject to same scathing criticism we reported a month ago in Issue 21-20
  • Mark-to-Market election applied to holdings of single member LLC, not to holdings of the member
  • Another ‘Practice Unit’ . . . 34 slides explain how to calculate partner’s outside basis . . . This completes partnership basis series

Missed last week’s Tax topic? Catch up with Lynn and his Tax Updates video playlist.

All commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources. The topics can be found discussed in further length at Tax Notes Today.

“I have relied on Tax Analysts® to provide reliable and timely analysis of Federal tax developments for over 30 years. The ‘headnotes’ you see here are from ‘Tax Notes Today,’ the preeminent source of accurate information and analysis of important developments and trends in Federal taxation,” Nichols says.

You can contact Lynn Nichols at lynnnicholscpa@outlook.com or 714.321.3387 and connect on LinkedIn.

A federal tax specialist for 50 years, Lynn Nichols provides tax consulting services to CPA firms on complex federal income tax issues, professional standards in tax practice and effective tax practice management.

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